My, General Motors (GM) CEO Rick Wagoner, What a Great Job You're Doing

General Motors (GM) Rick Wagoner is "an excellent CEO," says
David Cole, head of the Center for Automotive Research, a...group
funded partly by auto makers and their suppliers." He may be the
only one who thinks so.

Global unit market share down to 12.5% from 25% (vs.
Wagoner's pledge to take it to 28%)

Plunge into SUVs, Hummers, and other gas guzzlers

Looming liquidity crisis

Wagoner's celebrated successes, meanwhile, include some cost
reductions that won't kick in until 2010 and finally moving
forward with a car that runs on a battery.

Will GM go bankrupt on Wagoner's watch? Too early to tell. At the
very least, the company will likely have to sell off assets or
massively dilute shareholders to stave off disaster.

Why haven't GM shareholders tossed Wagoner out on his rear? In
part, we suspect, because Americans have long since stopped
expecting a real, sustainable turnaround at Ford and GM. This is
a pity. There's no reason the US car industry--and GM--can't
become great again, as long as the CEO has the vision and balls
to force the necessary changes.

Rick Wagoner has now had eight years to demonstrate that he has
what it takes. GM's board, apparently, is happy to give him
another eight.